Reader's Reviews
***
This book was a major disappointment. I must be reading a different book than everyone else. There is very little substance and a lot of generalities. I really don't care about how fixing up a place provides personal satisfaction. I am more interested in how it puts money in my pocket.
This book assumes real estate always appreciates on an annual basis, that leverage is always a good thing, and that you are always money ahead to perform a repair yourself. The key point may be that the author looks at real estate as a hobby. I view real estate as a side business and my goal is to put cash into my pocket.
You would be better served tracking down a copy of William Nickerson's "How I Turned $1000 into (1,3,5) Million", any of the Jay DeCima books, or H Roger Neal's book on streetsmart landlording.
I have to review the return policy and see if I can recoup some of the money wasted on this book.
***
Please save your money. Amazon reviews are generally pretty spot on, but I genuinely don't understand the rave reviews here. This is a very slim book, huge font, filled more with this guy's life philosophy than how to fix up and rent out houses. There's nothing wrong with his philosophy. The author comes across as a self-reliant, modest guy with a strong work ethic and some good life perspective. However, it would be an extreme exaggeration to call this a book on "how to start your own house fix-up & rental business..." The sections on identifying, financing, repairing, and managing rental properties are covered at a very surface level. You can easily find all of this information for free online, in one of many intro articles to real estate investing. I've read many real estate investing books, and there are many, many better books out there.
I guess on the positive side, it only took me a 40 min train ride to read the entire book, so at least I didn't lose too much of my life on this.
***
After reading this book you may change your approach to life even if you decide fixup houses are not for you...it is concise and filled with useful information and inspirational encouragement.
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I recently ran across this book after reading Terry's blog. In fact, I just finished reading it today over my morning coffee.
I recommend this book for any aspiring (or greenhorn) real estate investor. Having just completed my first fix up, I learned much from Terry's methods but I especially related to his philosophical approach to life in the world of real estate investing. In fact, one might subtitle this tome, "Zen and the Art of Rehabbing".
Blended with this extremely practical and useful guide to finding, fixing and successfully renting properties are the intangibles of rehabbing and landlording. Terry waxes about the pride he feels from taking on and completing a repair job and the confidence that builds for tackling more complicated tasks.
Two parts of this book alone make it worth adding to your REI library:
Chapter 9, "Let the Tax Law Help You Make Money was invaluable to me. As I mentioned before, my wife and I just completed an extensive remodel in our SFR rental. Along with my sense of pride for completing this daunting project, I have several thousand dollars of receipts stuffed in a file folder. He clearly laid out the difference between repairs and improvements how the IRS treats each category. Thank you Terry!
The reference sections in the appendices are as complete as they are varied. Especially helpful to me was the list of books the author consulted to write this book.
I encourage you to add this book to your REI library. It's a keeper.
***
I have long been intrigued about investing in real estate but have hesitated because there are so many scam artists out there willing to trade on one's naivete and lead you down paths that will end in ruin.
Making money in real estate the old-fashioned way -- by the kind of hard work and staying power that Terry Sprouse advocates -- appeals to both my conservative self and my risk-taking self. For people like me who haven't yet taken the dive, the best part of this book is the author's upbeat conclusion that you can accomplish far more than you ever imagined possible if you're willing to invest the time and learn the business. If you are intimidated, as I am, by the thought of even picking up a screwdriver, this kind of encouragement is invaluable. Terry Sprouse is a credible advocate because he's been there, and truly has done that.
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